Just a week after Chinese lending platform X Financial (NYSE: XYF) made a strong debut on the New York Stock Exchange last Wednesday, its rival Samoyed Holding Ltd. filed on Friday with the U.S. Securities and Exchange Commission to raise up to $80 million in an initial public offering under the symbol "SMY."

Similar to X Financial, the Shenzhen-based company operates a lending platform, called Shengbei, for credit card balance transfer, cash advance services and short-term credit loans services. However, unlike X Financial, which operates on a peer-to-peer model, Samoyed Holding's loans are funded by financial institutions.

As of June 30, Samoyed had partnerships with 19 financial institutions, including commercial banks, consumer finance companies, trust companies, and microlending companies, which provide funding to their borrowers, the company said in its regulatory filing today.

Founded in 2015, the company is growing exponentially. The number of users registered on Samoyed's platform has jumped from 6.4 million as of December 31, 2016 to 17 million at the end of 2017, and further increased to 24.4 million as of June 30.

Samoyed's net operating revenue increased from $12.6 million for the first six months in 2017 to $34.8 million for the same period in 2018, representing a 177 percent increase.

The company just turned profitable, moving from net losses of $14.2 million and $10.1 million in 2016 and 2017, respectively, to a net profit of $3.87 million in the first six months of this year.

Samoyed targets credit-proven millennials in China and provides competitive rates for its loans. It claims the company is "the only loan facilitator in China focused on facilitating credit card balance transfer products with a weighted average APR lower than 18.25%, the annual interest rate cap for credit cards set by the PRC regulators," citing research by Oliver Wyman in the prospectus.

Morgan Stanley, Deutsche Bank, and CICC are the joint bookrunners on the deal. No pricing terms were disclosed.